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2/6/2014 2:29PM

What to Expect From Friday's Jobs Report

WSJ's Jon Hilsenrath and Sudeep Reddy explain the circumstances surrounding Friday's jobs report on the private sector and the Federal Reserve. After a sluggish January report, what impact will the numbers have on investors and policy in Washington? Photo: Associated Press.

This transcript has been automatically generated and may not be 100% accurate.

I ... jobs report Friday ... that one coming ... we are leading the team ... and a twenty oh four to ensure this is the most important jobs reports is the last most of the sourdough orzo Elle's is ... out with the tabling of the CSeries payrolls it was really disappointing number ... last month people were really surprised by a seventy four thousand ... I gaining payrolls ... and a lot of people living on the weather ... my intent allow for people claim anything on the weather in the winter because it's always cold in winter an eyesore and have to see whether that the company ... the changes on that ... aam was due to the Canon jobless rate to be a really interesting one ... this month it's been dropping a lot is at six point seven percent ... and when you get into what just happened ... with extended unemployment benefits all these people are compelling be dropping out of the labor force of a couple months here here here here is the the wrist that I think people haven't thought of that it also has fallen so much ... and like I know is if ever for one stock that was can happen when it sits in a half percent ... with the market might be prepared for that goes back to ... the vet's and six nap percent off the table and giving ... me off by it aam ... Sees or just as the weather effects that happen in December ... it is chasing the cats ski down ... in in the last report we might see a reversal in the other thing that were just talking about was ... the revisions positions at work again or vision for the Nebula actually see ... the longer term is what they look like hats on and so it will seek will have that the recent revisions but to get the annual ... revisions can get is a better picture of what was really happening ... in ... the first years of recovery but store network ahead of that story coming out this ... headline story where the stories come out this fall we were going to really dig in and try to explain what happened to these people who seem to be on the cusp of dropping out did they come back and maybe the jobless rate goes back up its people ... to come back in because are seeing ... the signs of improvement but ... as you just wrote ... the signs of improvement ... are when a lot of people thought they were just few months ago the Fed and on this is very interesting because ... I'm ... this will be Janney Allen's first jobs report as of the Fed chairwoman ... and she's going to be scarring this one to try to figure out she was the job before we know she gets ... really keeping the jobs data where she can look forward to working well so I mean that they want to see ... the turnout in the payroll numbers were so we ... did you think that there were some seasonal quirks in unison a lot of people that I'd talk to after the last report to start ... it was to live to to take too seriously ... the so the problem they have now is that it might be another report that they're inclined ... to look through ... which ends up really setting us up for ... a lot of focus ... on the February report is just more evidence mounting ... that maybe these economies and getting up to the strong start ... for the expected ... and you know and and are they really are ... reluctant we seen this in the Fed speeches this week there really really reluctant to change course right now beginning to see some big ... movement and I've been in these figures and labor market to change course and that the problems that are at the scene accumulation of data ... that is convincing enough for them to change their forecasts ... and so one month they can write off of its tubeless becomes harder to do and then you know by March of the three months that benefit concert it reminds of data in the stream of things actually isn't that much ... before you spill coffee all over saw their dollars on share were talkin bout our ... love the relationship with the jobs report and love it because it's a great set of figures he getting there one of my favorites just always turn to report to a file in this early days of the week games are so much information in there ... that is the isthe simplest your ... the jobless rate by education people with a ... college degree with a bachelor's degree and three percent jobless rate somewhere around there ... yet without a high school diploma have a ten percent jobless rate Kitty and all the granular stuff is very interesting ... the we paid so much attention as they do we pay some attention ... to his month to month fluctuations part of it is probably driven by it ... it that the moves in and ... Mark markets investor love this aam ... how we get people to pay less attention to we try to tell the broader story ... of the market is or was looking at the next piece of information what's ironic is that ... job growth has averaged ... almost exactly a pattern in two thousand and eighty two an app for the last ... twenty four months ... and we still focused on all these wheels ... aam and the margin for error in on a population of one hundred and thirty forty plus million people employed ... seventy four thousand this is completely trivial it's within the market ... will will ... will will analyze the Dalai real-time Economics I got ...